NSW Which type of property in Leichhardt - Innerwest Sydney?

Discussion in 'Where to Buy' started by TonTon903, 30th Nov, 2019.

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  1. TonTon903

    TonTon903 Active Member

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    Hello,

    I am looking to purchase a PPOR in Leichhardt as it is close to my work. I am particularly interested in terraces due to being a *gasp* a millenial and likes the low maintenance associated with terraces.

    I have done a few searches and see a big price gap in renovated and unrenovated

    For example, this unrenovated house on 12 Cary street Leichhardt sold for 1.25 mil with DA approval for an extension to convert to a 3 bd
    https://www.realestate.com.au/sold/...6638178?pid=sold:pdp|p4ep:pdp:estimated-value

    Right opposite to this house above is this gorgeous home that has been renovated in 2005. It went for 1.65 mils!!!
    https://www.realestate.com.au/sold/property-house-nsw-leichhardt-132142686

    I looked up the projected cost for the extension and the application for the reno on 12 Cary street is 195 k with a garage/ carport (but this structure is not approved, only the conversion to 3 bedrooms is)

    Does this mean it is better to buy an unrenovated place and do the extension myself rather than buying a new property?

    Any help would be appreciated. I plan to stay for at least 10 years in the area.
     
  2. Morgs

    Morgs Well-Known Member Business Member

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    In theory - but often what is listed as the build cost on the DA is different to the real world cost.

    If you're a builder or have the skills & experience to do the actual work under an owner builder then I'd say there is some margin there. Probably not as much as the you're thinking thinking though once you account for the build, renovation of the downstairs, holding costs etc.
     
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    A few in the next suburbs across eg: Ashfield, Summer Hill, Lewisham, Petersham, Stanmore etc and still a hop, skip and jump from Leichhardt.
     
    Last edited: 30th Nov, 2019
  4. TonTon903

    TonTon903 Active Member

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    Hi Morg,

    So people often underestimate how much is needed to renovate? I have some experience renovating (bathroom and kitchen) but nowhere near this size.
     
  5. TonTon903

    TonTon903 Active Member

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    Hi Scott,

    I have indeed considered them all. I work in North Sydney at the moment so going south past Parramatta road would add an extra 10 minutes to my commute. Past the train line and it becomes an extra 25 minutes to my commute.

    I do love the Enmore/Newtown vibe though... oh well.
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Train to North Sydney from most of those suburbs is around 35 min with a change at Central.
     
  7. Morgs

    Morgs Well-Known Member Business Member

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    Put it this way - we've done a few of those sort of projects before (some within the inner west) and I'm not sure we could do that work for $195K :)
     
  8. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    The DA application fee and a number of other costs are dependent on the cost of works, hence they usually get under-estimated.

    In doing the extension, consider holding costs of at least 6 months, cost of obtaining the CC inc certifier, surveyor etc, plus demolition (Cary st looks like it might have asbestos) and groundworks. This is like building a small house and much more work than a reno.

    I say the cost difference between your two examples is probably a fair gap, especially when you factor in the time, effort and stress involved also.
     
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  9. TonTon903

    TonTon903 Active Member

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    Hi Mel, I think the detached houses on Cary street might have some. There is one being sold that I suspect would contain some asbestos.

    15 Cary Street, Leichhardt, NSW 2040
     
  10. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    All those fibro extensions have asbestos - but its probably just an extra $5-$10k expense at the end of the day.
     

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